Money

Alfredo Yao bank posts lower profit as trading revenues fall

Thinner trading gains dealt a blow to this bank?s bottom line.

Thinner trading gains dealt a blow to this bank?s bottom line.

Philippine Business Bank (PBB) of Juice King Alfredo Yao saw its net income drop to P466.1 million as of the end of September.

In a regulatory filing, PBB said lower trading gains ? which were halved to P114.4 million from P270 million ? and one-time expenses and penalty payments slashed some P200 million off the bank?s net profit compared to the previous year.

Loan loss provisioning and the settlement of agri-agra penalties for the past three years also hurt the bank?s net income, PBB president and chief executive officer Roland Avante said.

Still, the bank can boast of a 37.4% jump in loans and receivables worth P65.1 billion, while deposits also posted a 23.8% increase to hit P67 billion.

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